Eschewing construction loans also helped performance during the period.
Charlottesville, Va (Vocus) July 1, 2010
According to SNL Financial's annual ranking of the 100 largest U.S. thrifts, California-based Malaga Financial Corp. was the top-performing thrift during the 12-month period ended March 31. Hingham Institution for Savings, Bofl Holding Inc., New York Community Bancorp Inc. and Dime Community Bancshares Inc. rounded out the top five.
Malaga Financial, which ranked among the top banks in five of the six financial metrics used by SNL to compile the rankings (see methodology below), had the highest core ROAA at 1.22% and the second-highest ROAE at 14.87%. In addition, Malaga Financial’s non-interest-bearing deposits grew 28%, compared with a median of 8% among the 100 largest thrifts and its net loans grew by 3%, compared with a median loss of 2% for the group.
“Weathering a real estate downturn is less treacherous when your thrift is based in one of the country's most desirable neighborhoods,” said SNL Financial analyst Maria Tor. “Eschewing construction loans also helped performance during the period.”
The top five best-performing thrifts reported that construction and land development loans made up less than 5% of their total loans at the end of 2009.
For the entire list of the best of the biggest - the 100 largest public thrifts by asset size, ranked by financial performance for the 12-month period ended March 31, 2010 - go to: http://www.snl.com/interactivex/article.aspx?CDID=A-11335561-12342
SNL ranked the 100 largest publicly traded thrifts using six financial performance metrics for the 12-month period that ended March 31. Core return on average assets (ROAA), core return on average equity (ROAE), three-year compound annual growth rate in tangible book value per share, and the efficiency ratio, were each weighted 20%. Two asset quality metrics were weighted 10% each: nonperforming assets plus loans more than 90 days past due as a percentage of total assets; and net charge-offs as a percentage of average loans. The 100 companies were ranked by each of these metrics. The rankings were then weighted and summed to compute a final performance score. A higher score resulted in a higher ranking.
Bank & thrift data, news and analysis are a standard part of the SNL Unlimited Information Service for Financial Institutions. To learn more, contact sales(at)snl(dot)com or call 866.296.3743.
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